Construction Begins for The Flats at Grandview Commons, a New Community That Will Bring High-Quality, Affordable Housing to M...
November 03 2017 - 06:42PM
Business Wire
- $20.3 million development will offer
94 new two- and three-bedroom homes with on-site supportive
services to working individuals and families
- Wisconsin Housing and Economic
Development Authority (WHEDA) is providing $11 million in
construction and permanent financing
- UnitedHealthcare is the largest
private investor, with $5.4 million in equity through a partnership
with Cinnaire and Minnesota Equity Fund
Community leaders, local residents and development partners came
together today to celebrate the start of construction for The Flats
at Grandview Commons, a new 94-unit affordable-housing community
for working families in the region.
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Key investors join the developers and
community leaders in giving each other high-fives to celebrate the
start of construction for The Flats at Grandview Commons, a new
affordable-housing community underway in Madison. UnitedHealthcare,
which employs 7,300 people in Wisconsin, was the largest private
investor with $5.4 million in equity. WHEDA provided $11 million in
both construction and permanent financing. L to R: Terrell Walter
and Kevin Newell of Royal Capital Group; Chris Laurent, Building
Blocks-Cinnaire; Amanda Hall, Alder, City of Madison (District 3);
and Brian Schimming, WHEDA (Photo: Lauren Justice).
The new community, developed by Royal Capital Group, is being
built on a vacant lot located in the Grandview Commons neighborhood
on the east side of Madison, south of Milwaukee Street and east of
Interstate 90, just a few miles from downtown.
“Commencing construction of this new community in Madison serves
as a catalyst for future economic development in this part of the
city. We appreciate all of the work of the many partners who have
helped make this groundbreaking possible,” said Kevin Newell,
president of Royal Capital Group. “When completed next year, The
Flats at Grandview Commons will be a model community that brings
quality homes with on-site amenities for working families who want
a lively and contemporary place to call home.”
The Flats at Grandview Commons will include six two-story
structures with 28 two-bedroom and 66 three-bedroom units, and a
community clubhouse. On-site amenities will include a library,
computer lab, meeting space, playground and private garages.
On-site family offerings for residents will include programs in
health, nutrition and family finances, and after-school activities
with local universities.
“This is an important moment for our community as we work
together to bring new, quality homes for working families in
Madison,” said State Sen. Mark Miller. “With the support of so many
partners, The Flats at Grandview Commons is a model for how we can
support residents as they build a brighter future for themselves
and their families.”
Project funding and key development partners include Building
Blocks-Cinnaire, Minnesota Equity Fund (MEF), UnitedHealthcare and
the Wisconsin Housing & Economic Development Authority
(WHEDA).
WHEDA provided $11 million in both construction and permanent
financing for the new community, and approved the use of Low Income
Housing Tax Credits for construction. UnitedHealthcare is the
largest private-sector investor, with $5.4 million in equity
funding through a partnership with Cinnaire and Minnesota Equity
Fund.
“WHEDA is delighted to help finance an urbanist vision designed
to spur people to seek housing in the Grandview Commons
neighborhood,” said WHEDA Executive Director Wyman Winston.
“Together with our outstanding partners we are continuing our
mission to build the stock of quality, safe, affordable housing in
the city of Madison and Dane County.”
“UnitedHealthcare’s investment in The Flats at Grandview Commons
is part of a company initiative to help people live healthier lives
by connecting quality and affordable housing to better health,”
said Ellen Sexton, CEO, UnitedHealthcare Community Plan of
Wisconsin. “We are grateful for the opportunity to work together to
help expand housing opportunities for the residents of
Madison.”
UnitedHealthcare employs 7,300 people in Wisconsin and serves
the health care needs of more than 1.6 million people statewide.
UnitedHealthcare has partnered with Cinnaire and MEF to invest over
$85 million to help build 13 new communities in Wisconsin and the
Great Lakes Region, with nearly 670 new, affordable homes with
support services for individuals and families.
“Cinnaire partners with socially motivated companies like
UnitedHealthcare to make economic investments in well-designed,
high-quality affordable-housing developments,” said Mark McDaniel,
president and CEO of Cinnaire. “This investment will help meet a
critical need in Wisconsin, and we are proud to be a partner and
help break ground on such an important housing community in
Madison.”
The Flats at Grandview Commons is expected to open in the fall
of 2018. Engberg Anderson serves as the architect; Horizon
Construction will serve as general contractor; and ACC Management
Group will manage the property and on-site support services.
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version on businesswire.com: http://www.businesswire.com/news/home/20171103005913/en/
Royal Capital GroupTerrell Walter, 414-847-6275orWHEDAKevin
Fischer, 414-227-2295orCinnaireCorinne Hyzny,
302-300-4247orUnitedHealthcareLynne High, 952-979-5861
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